Its just a pity that when it was decided that a bank guarantee would have to be given by law the wording could not have been standardised so there was no room for any developers/banks etc to flout the system and protect people as it was intended.
I doubt that its too late for this to happen now but cant really see it happening in the near future somehow. If the Spanish government/legal system stepped in and wrote the standard bank guarantee which cannot be amended by anyone then those in the future would be safe, although this doesnt help anyone from the past.
When you think of what needs to be included…..completion date…LFO….interest returned…..It really doesnt need to be a complicated document. I think that where the banks are able to add clauses this is where it all starts to go wrong.